ING buys Santander Latam pension unit
Friday 27 July 2007
ING has agreed to take over the Latin American pension activities of Spanish bank Santander for €960m. The takeover will be paid for in cash.
The pension company has some 5.5 million customers and invested assets of just over €10bn.
Santander is currently involved in a bidding war for ABN Amro but said this divestment was not necessary to raise cash for the takeover.
© DutchNews.nl
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Looks like our friends at ING are serious about the pensions business ;-)
By Arnout | July 30, 2007 4:51 PM